The decision was made in an extraordinary creditors' commission, in relation to the judicial reorganization agreement.
Chile.- Enjoy reported through an essential fact that within the framework of an extraordinary creditors' commission held on November 19, it was agreed to extend the deadline for compliance with the Repackaging Conditions as established by the Enjoy judicial reorganization agreement of August 7.
In a statement dated November 20, addressed to the Commission for the Financial Market, signed by Enjoy's general manager, Esteban Rigo-Righi, the company indicated: "Yesterday an extraordinary creditors' commission was held, in which it was agreed to extend the deadline for compliance with the Repackaging Conditions as established by the Enjoy judicial reorganization agreement, moving from 105 days to 114 consecutive days counted from August 7, 2024, thus extending the maximum deadline for its fulfillment until November 29, 2024."
It is worth remembering that on October 31, 2024, the Southern District of New York Bankruptcy Court recognized the judicial reorganization agreement of the company. It was indicated that the court validated the agreement within the framework of the procedure called "Chapter 15, Case No. 24-10433 (MG)", which they had initiated due to the judicial reorganization.
Following this, they pointed out that "the resolution issued by the Court declares, among other things, that the Agreement, including the transactions contemplated therein and its annexes, are recognized and granted full force and effect within the jurisdiction of the United States of America."
Furthermore, the court reported that it will maintain its jurisdiction regarding the procedures and actions previously taken within the processing of "Chapter 15", and future executions, modifications, or implementations necessary to materialize the effects of the Court's resolution.
"We make it known that, according to the Agreement, the recognition of the Company's reorganization procedure and the Agreement within 'Chapter 15' is one of the Repackaging Conditions indicated in chapter VIII of the Agreement," they detailed.
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In August, Enjoy approved a judicial reorganization plan to continue its operations, and later reached an agreement with contingent creditors that sets the terms for the company's working capital financing, reviewed the administration.
Along with this, it recalled that the implementation of the agreement considers its structuring into three new companies: NewCo 1, where the Punta del Este facilities, Uruguay, and two real estate assets in Chile will be located; NewCo2, which will manage the assets corresponding to casinos and hotels in Rinconada, Antofagasta, Chiloé, Viña del Mar, Coquimbo, Pucón, and Puerto Varas hotel; Enjoy S.A., mainly composed of the operations in San Antonio and Los Angeles, with the remaining assets.
After the creditors' meeting approved the judicial reorganization agreement, the intervenor of Enjoy, the jurist Juan Ignacio Jamarne, stated that, for its second phase, there is a "mandate" from the creditors for the sale of the shares that include the assets of Enjoy Punta del Este.
